The case for a wealth tax – Patrick Nulty October 31, 2012Posted by irishelectionliterature in Irish Politics.
Received this today and its interesting reading and despite peoples “misgivings” over Labour in government, I thought it worth posting
Its available to read here
An extract from the documents Conclusion
Cuts to public services that will hurt people in need of healthcare or that will stifle the potential of our young by withdrawing educational supports, are not an inevitable outcome of our need to reduce and eliminate our budget deficit.
There is an alternative to this cuts agenda, an alternative which will see revenue raising measures that target wealth and high income groups take centre stage. Such an approach would not only be more economically just than cuts that disproportionately hit low and middle income families, it would also lead to faster deficit reduction and economic recovery, by releasing unproductive wealth and supporting the domestic economy.
The introduction of a wealth tax should be a key part of this revenue raising strategy.
Other measures which should be considered include:
• The introduction of a 3rd rate of income tax of 48% for those earning more than 100,000 a year which would raise €365 million a year. (Parliamentary response, 26 September 2012) (ix)
Independent think-thank TASC has laid out a menu of revenue raising options in its pre-budget
submission 2012. (x)
• Extension of the Universal Social Charge to all gifts and inheritances and also to all capital gains, whether liable to Capital Gains Tax or not, to raise €200 million a year.
• The ‘number of days’ test for determining the tax residence of an Irish citizen should be reduced from 183/280 days to 90/183 days, yield unknown.
In addition, a Financial Transactions Tax should be introduced. This could yield to the Irish exchequer €500 million by 2020. (xi)
There is always a choice about whether or not to implement cuts that attack the living conditions of the marginalised, the sick, the poor and the elderly. It is time to make the
right choices and pursue viable alternatives such as the introduction of a wealth tax.
On a related note The Campaign For Labour Policies have issued a document with similar sentiments Growth through Solidarity